International Monetary Fund (IMF) Managing Director Kristalina Georgieva has appealed to the United States government and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.
The Fund noted that the tariff measures announced by President Donald Trump pose a significant threat to the global economy at a time of sluggish growth
In a short statement on Thursday, April 3, reacting to the announcement of U.S. tariffs, Madam Georgiava said, “We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth. It is important to avoid steps that could further harm the world economy.
“We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.”
She added, “We will share the results of our assessment in the World Economic Outlook, which will be published at the time of the IMF/World Bank Spring Meetings later this month”.
President Donald Trump on Wednesday, March 26, announced 25% tariffs on all cars shipped to the United States, a significant escalation in a global trade war.
The tariffs, set to take effect on April 3 at 12:01 am ET, are aimed at expanding America’s auto manufacturing prowess. For decades, because of a free trade agreement, automakers have treated Canada, Mexico and the United States as one big country, with no tariffs among them. Although the United States is home to a significant automaking industry, Trump wants to grow it.
On Wednesday, April 2, President Trump also unveiled an ambitious set of tariffs, including a 34% levy on imports from China and a 20% tax on goods from the European Union, signalling a dramatic intensification of global trade tensions.
These sweeping measures also impact Ghana, which will face a 10% baseline import tax.
Speaking from the Rose Garden, Trump declared a national economic emergency, justifying the tariffs as a means to revitalise domestic manufacturing and end what he referred to as decades of economic exploitation by foreign nations.
“Our country has been looted, pillaged, raped, and plundered by other nations,” Trump stated. “Taxpayers have been ripped off for more than 50 years. But that will not happen anymore.”
The newly imposed tariffs, introduced without Congressional approval under the 1977 International Emergency Powers Act, target numerous countries with significant trade surpluses with the U.S. Ghana, along with other affected nations, will be subjected to a 10% import tax across the board, adding pressure to global supply chains.
Read Also: Trump slaps 10% tariffs on Ghana and other nations in new trade ‘war’ strategy
The post Tariff measures: IMF appeals to US and its trading partners to resolve trade tensions first appeared on 3News.
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